Bids were also submitted by Sun Hung Kai Properties, CK Asset Holdings, Wheelock, Nan Fung Group and Henderson Land

Analysts say the winning price was on the ‘low side’ and within ‘adjusted’ market expectations

A consortium led by Sino Land won a Hong Kong land tender for a site at Kai Tak with a bid of HK$5.3 billion (US$676 million), the lowest in nine years, which some analysts said was a conservative price as the city’s economy could stagnate in the near term.

Bids were also submitted by Sun Hung Kai Properties, CK Asset Holdings, Wheelock Properties, Nan Fung Group and Henderson Land this Monday, the last day of the tender period. The parcels of land, with an aggregate area of 145,303 sq ft, are located in Kai Tak, the site of Hong Kong’s former international airport. They went on sale by public tender on July 28.

A surveyor said the HK$5,392 per square foot land price was close to market expectations, but was a nine-year low compared to other land prices in the same district.

Analysts said given the level of the winning bid, the developer could still sell the housing units when construction is completed at current prices, should the economic environment show no improvement and were the property market to remain sluggish.

“There’s enough cushion for the developers to sell their project at a good price,” a surveyor said. “As for government coffers, yes the government may have a deficit but it should not be confused with a negative cash flow.”

“The government also does not have to keep selling parcels of land at a cheap price - there is no urgency for them to do that should interest rates keep rising,” the surveyor added. “They may also choose to develop subsidised homes on these sites instead of selling them. That is a good long-term investment and a wise way for the government to use its capital.”

HSBC analysts said last month Sino Land’s share price could react positively, if the company can replenish more of its land bank to strengthen its medium-term earnings growth visibility, as there was a growing risk of moderating sales based on existing run rate due to lower residential land bank within the portfolio.

“We are delighted that our consortium won this urban site with underground connection to the MTR station,” Daryl Ng, Deputy Chairman of Sino Land told the Post. “This is an excellent addition to our land bank. We have full confidence in Hong Kong and China, and will fully support quality and sustainable developments.”

The successful grant of the site was not affected by the withdrawal in August of the first starter home site at Yau Kom Tau, Tsuen Wan, which showed that developers were still actively competing for land, experts said.

Another surveyor said bidding was expected to be muted given the current market environment and site location.

“The site has many constraints and that developers would have to undertake the construction of a number of government facilities and a basement retail area,” the surveyor said. “Due to the high interest rates and increased construction costs, the property market is much different from December last year when CK Asset made its bid in Kai Tak.”

The Kai Tak Area 2A Site 2 and 3, close to Sung Wong Toi MTR station, is located close to the residential site acquired by CK Asset and a temporary public housing project. It has a total permissible gross floor area (GFA) of about 992,000 sq ft.

Under the conditions of sale, the purchaser must build an underground shopping street and various pedestrian links to proposed public housing developments in the neighbourhood.

The successful bidder must also construct various government accommodation, including a neighbourhood elderly centre, a hostel for mentally handicapped persons, a day activity centre, a district support centre for persons with disabilities and a boys’ home.

“The land value has decreased significantly over the eight months due to high interest rates, high construction costs and growing unsold housing units from existing supply,” the surveyor added.

The first surveyor expects the site to be developed into small and medium-sized residential units, and the project to be sold at around $15,000 per square foot after taking into account construction costs and a reasonable profit margin.

“The award price is within ‘adjusted’ market expectations,” another surveyor said. “It is still on a low side.”

The surveyor expects land prices in Hong Kong to remain soft and said the decline in property prices could continue in the coming months.

Recent land tenders have received tepid responses from developers, as Hong Kong’s property market creaks under the weight of high unsold inventory and rising interest rates.

Last month, a land tender in Yau Kom Tau, Tsuen Wan, received just a single bid from Grand Ming Group Holdings. The government eventually rejected the bid as the “tendered premium did not meet the government’s reserve price for the site”, according to the Lands Department.

(South China Morning Post)

First prices for Tuen Mun flats coming today

Road King Infrastructure (1098) will unveil a first price list for Mori in Tuen Mun today, with at least 139 homes being offered.

The low-density project might commence a first round of sales as early as this month, says the developer, and show flats will be opened soon.

Road King said Mori has received many inquiries from potential buyers, including local families and mainland talent arriving.

Mori comprises four blocks and 16 houses, to provide 693 units in total.

Elsewhere, CK Asset (1113) will put the last house at El Futuro in Sha Tin up for sale on Monday after the transaction was given up by an intending buyer despite an expected loss of HK$2.55 million in deposits.

Meanwhile, The Arles in Fo Tan sold three out of 11 units yesterday morning, collecting over HK$46 million, according to builder Centralcon Properties.

And with more new projects coming, a property agency expects the primary market can record 600 deals this month.

That estimated figure would be the equivalent of just half of the 1,204 transactions last month.

But more local banks are set to raise their capped rate of mortgage plans, which might deter people from buying homes.

Standard Chartered Hong Kong and Citibank Hong Kong are said to be increasing the cap by 0.5 percentage points on Monday following such an adjustment by Hongkong and Shanghai Banking Corporation, Bank of China Hong Kong (2388) and Hang Seng Bank (0011).

The moves come with interbank borrowing costs remaining at high levels recently. The Hong Kong interbank offered rate rose across all maturities yesterday, with the mortgage-related, one-month rate up to 4.97 percent.

(The Standard)

Twin retail towers to rise up in Kai Tak

Sogo operator Lifestyle International will launch a flagship project called The Twins in Kai Tak as early as the middle of next year.

The two distinctive buildings will be located in Kowloon East with Tower I is set to open in mid-2024, followed by Tower II in the second half of 2024.

The project will offer 1.1 million square feet of retail space and host over 700 shops, including a Sogo department store.

Lifestyle executive director Lau Kam-shim said The Twins, as Kai Tak's largest lifestyle retail complex, signifies a major achievement for the group. "It enables us to expand beyond the department store model to creating a multi-functional platform that agilely caters to the evolving needs of the next generation customer."

(The Standard)

信和財團53.5億「低撈」啟德靚地

近期樓價持續回軟，連地價亦級級跌，日前截標的啟德2A區2號及3號「巨無霸」住宅地終於順利批出。由信和牽頭財團以53.5億力壓5財團奪標，每方呎樓面地價約5392元，屬市場估值範圍之內，惟呎價創同區逾9年半新低紀錄，同時對比去年12月同區另一幅批出住宅地低出約12%。

上述啟德住宅地於周一截標，當時吸引6間財團入標。地政總署昨日公布招標結果，由信和夥拍中國海外、鷹君及華人置業合組的財團，以53.5億力壓5財團奪標，每方呎樓面地價約5392元。其中，信和、鷹君及華人置業更是首次「插旗」啟德住宅地。

黃永光：對港前景充滿信心

信和副主席黃永光表示，項目位置優越，配套完善，而且交通四通八達，為集團土地儲備增添一幅上佳的地皮。他強調，集團對香港前景充滿信心，全力支持。另外，集團非常高興與夥伴中國海外、鷹君及華人置業投得上述用地。

黃永光續指，未來將興建優質住宅項目，加上園境、綠色及智能家居設計，以及住客會所等設施，打造優質生活，貫徹可持續發展理念，建構更美好生活。

上述項目市場估值約44.65億至59.54億，每方呎估值約4500至6000元，批出地價屬市場估值範圍內。除中標的信和財團外，其餘入標財團包括長實、新地、恒基、會德豐地產、南豐集團。

呎價5392元創9年半新低

值得留意的是，是次呎價對比長實去年12月底以87.03億投得的啟德2A區4號、5 (B) 號及10號合併地皮，每呎地價約6138元，低出約12%；若與2014年2月嘉華以29.388億投得的啟德1I區2號地皮 (現已發展為嘉匯) 比較，當時每呎地價約5330元，意味是次地價重返9年半前水平。

有測量師表示，項目發展周期長，而且中標財團須興建一系列社福及政府設施，再者在加息環境下，均影響發展商出價。

業界料落成呎價達1.8萬

測量師預料，未來項目落成後呎價可售約1.7萬至1.8萬，形容地價屬「進可攻、退可守」，即使未來數年樓市未有起色，相信項目仍會有合理利潤。

另一測量師指出，樓價持續下跌，而且近年該區為新盤供應重鎮，仍有不少項目尚待推出，再加上在息口高企環境下，均影響發展商出價，並趨向保守。雖然地價屬市場預測範圍，惟仍屬低位水平。

(星島日報)

恒基底價6.97億奪大角咀舊樓

市區靚地新供應罕有，不少財團透過強拍途徑增加土儲；恒基近年積極擴展大角咀一帶版圖發展，昨日再下一城，成功以底價6.97億投得大角咀道一列舊樓業權，未來將與毗鄰項目合併發展，涉及可建總樓面約14萬方呎，並主打上車盤，屆時發展成利奧坊系列樓盤之一。

恒基併購多年的大角咀道177至191號，在7月底獲土地審裁處批出強拍令，底價為6.97億；項目於昨日舉行公開拍賣，由手持「1號牌」的恒基執行董事黃浩明，在未有其他競爭對手下以底價投得，成功統一業權發展。

頻擴區內版圖

黃浩明拍賣會後透露，上述項目會連同毗鄰項目合併發展，換言之整個項目涉及大角咀道 173號至199號，總地盤面積擴展至約1.57萬，若以地積比率約9倍重建發展計，涉及可建總樓面約14萬方呎，預料將興建中小型單位，主打上車盤，屆時將發展成利奧坊系列樓盤之一，據了解，該項目為利奧坊第7期。

上述毗鄰的萬安街24至30號，該公司早於2021年9月以底價約2.7億成功統一業權，料將發展成利奧坊第6期；黃浩明指，由於上述大角咀道及萬安街地盤中間有後巷相隔，牽涉政府用地，因而未能合併發展，故將會分2期發展，上述兩個項目最快2至3年後推出市場銷售樓花。

發展成利奧坊第7期

另外，油塘灣「巨無霸」項目早前第三度批出補地價金額，黃浩明透露，集團就該項目補地價上訴當中，補地價金額對比首次批出時為低，認為「個市跌得快過佢 (補地價金額)」，希望今年內可以成事。另外，粉嶺北3個項目則採用傳統補地價方式進行。

昨日舉行強拍的項目，位於大角咀道177至191號，由4幢6層高舊樓組成，每幢樓宇設有兩道公用樓梯，早於1957年落成入伙，至今約66年樓齡。項目地契條款限制該地段只可用作非工業用途。該項目地盤面積約8995方呎，現規劃為「住宅 (甲類)」，涉及可建總樓面約8萬方呎。交通方面，步行至港鐵太子站約10分鐘，而沿着大角咀道設有多種公共交通工具如小巴及巴士等。

上述項目將連同毗鄰項目合併發展，地盤面積擴展至約1.57萬，可建總樓面約14萬方呎，並主打上車盤，屆時將發展成利奧坊第7期。

(星島日報)

德輔道中作價3.7億 利國偉家族等承接

翠華控股大股東兼主席李遠康等人早前沽售中環德輔道中一個巨舖，作價3.7億，新買家亦終於曝光，為恒生銀行創辦人之一利國偉家族及有關人士，以買物業形式購入物業。

23年升值5.4倍

中環德輔道中84至86號章記大廈地下及地庫，以3.7億易手，該項目若要取得約4厘回報，月租勢必破120萬，新買家為恒生銀行創辦人之一利國偉家族及有關人士，需付相等於舖價4.25%釐印費，涉資1572.5萬，據了解，新買家看中該巨舖中環罕有，面積大，銀行、零售及食肆皆適宜。該巨舖地下面積約3163方呎，地庫面積約4200方呎，合共7363方呎，平均呎價約5萬。利國偉家族亦於2020年4月，以2.86億元買入中環永安集團大廈全層，平均呎價2.58萬。

李遠康早於2000年以約5780萬購入該舖位，並由翠華餐廳租用多年，從2018年4月1至2021年3月31日3個財政年度，翠華每年以1328.1萬租用，月租約110.7萬，持貨23年帳面賺逾3.1億，升值逾5.4倍。

(星島日報)

利福啟德雙子匯明年分階段開幕

利福國際旗下啟德旗艦項目「The Twins雙子匯」，當中Tower I及Tower II分別於明年中旬及下旬開幕，利福國際執行董事劉今蟾表示，雙子匯突破百貨公司業務營運模式，兩幢大樓外觀相若，卻具備截然不同特色，項目定位「Different Together一樣不一樣」，強調當中不同元素均和諧共存。

她補充，項目以獨立與連繫概念，作為啟發靈感，融合最新崇光百貨，提供多樣化商品及服務，由奢侈品、美容及家居用品，以至首次登陸香港品牌，一應俱全，同時舉辦有趣活動，為顧客帶來便利。

Tower I定位購物空間

其中，Tower I定位為購物空間，展現日式百貨公司氣質，而Tower II作為生活品味平台，象徵當代潮流，成就體驗及自我發現機會，啟發無限可能。

Tower II作生活品味平台

利福國際於2016年11月，擊敗一眾大孖沙，以73.88億投得啟德「商業地王」，用作拓展崇光百貨零售業務。

(星島日報)

金鐘力寶中心 高層呎租約35

消息指，金鐘力寶中心連錄租務，其中2座高層05至08室，面積約3,224平方呎，以每月約11.2萬元租出，呎租約35元，屬略低於市價成交。

另同廈1座極高層06至07室，面積約2,165平方呎，成交呎租約48元。

(經濟日報)

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